Complete Solaria Inc. Emerges from SunPower Bankruptcy with CEO Celebrating End of Solar ITC Program

Reuters
06-09
Complete Solaria Inc. Emerges from SunPower Bankruptcy with CEO Celebrating End of Solar ITC Program

Complete Solaria Inc., formerly known as SunPower, has recently been navigating through a significant restructuring process following its Chapter 11 bankruptcy. The company's financial struggles culminated in almost $500 million in accumulated debt, prompting a request for an additional $650 million from banks, which was ultimately denied. As a result, SunPower entered Chapter 11 bankruptcy, marked by management issues and inefficiencies exacerbated by reliance on federal subsidies like the Investment Tax Credit (ITC). In a recent development, CEO T.J. Rodgers expressed relief over pending legislation aimed at eliminating the solar ITC, viewing it as an opportunity for the industry to move towards a free-market approach. Rodgers criticized erratic government oversight and subsidies, suggesting that the end of such programs would allow solar companies to operate more sustainably without reliance on incentives. Despite the challenges posed by the ITC's removal, Rodgers believes this shift will enable surviving companies to restructure and manage their businesses more effectively.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Complete Solaria Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9465377-en) on June 09, 2025, and is solely responsible for the information contained therein.

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